Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
The bonds shall be special obligations of the municipality or the authority issuing them. The principal of, premium, if any, and interest on the bonds shall not be payable from the general funds of the municipality or the authority, nor shall they constitute a legal or equitable pledge, charge, lien or encumbrance upon any of its property or upon any of its income, receipts or revenues, except the funds which are pledged under the resolution authorizing the bonds. Neither the full faith and credit nor the taxing power of a municipality or of the state are, or may be, pledged for the payment of the principal of or interest on the bonds, and no holder of the bonds shall have the right to compel the exercise of the taxing power by the state or a municipality or the forfeiture of any of its property in connection with any default thereon. Every bond shall recite in substance that the principal of and interest on the bond is payable solely from the revenues pledged to its payment and that the municipality or the authority is not obligated to pay the principal or interest except from such revenues.
Cite this article: FindLaw.com - Mississippi Code Title 77. Public Utilities and Carriers § 77-6-47. Bonds as special obligations - last updated January 01, 2018 | https://codes.findlaw.com/ms/title-77-public-utilities-and-carriers/ms-code-sect-77-6-47.html
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?